Unitholders of Manulife US Reit caught between a rock and a hard place
A LIFELINE was thrown to Manulife US Real Estate Investment Trust (MUST) last week, some four months after the Reit breached financial covenants.
The rescue package – in the form of a three-part recapitalisation plan that entails selling assets and taking a loan from its sponsor – provides MUST with a longer timeline to navigate out of its current troubles.
It is logical for unitholders to vote in favour of the recapitalisation plan at the upcoming extraordinary general meeting (EGM), but investors are still caught between two unpalatable situations.
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